(Alliance News) - Chesterfield Resources PLC on Tuesday said it intends to recommence percussion drilling in four weeks at Troodos West copper-gold site in Cyprus upon improvement of ground conditions.
The precious metals explorer has developed an extensive list of over 30 targets for volcanogenic massive sulphide deposits buried at a shallow depth of around 50 metres to 200 metres at Troodos West site.
In January, London-based Chesterfield conducted tests on two targets, Hillside and Embayment, which returned sulphide mineralisation, providing an increased level of confidence to the company in its Troodos West target list.
Chesterfield Chair Martin French said: "The percussion drill has proven an effective advanced-stage exploration tool. We have therefore taken the decision to percussion drill a further number of targets as soon as the ground dries out from wet winter weather, and access tracks can be made good. The discovery of further VMS deposits will be used to vector diamond drilling anticipated in the second quarter of 2020."
Shares in Chesterfield Resources were untraded at 3.45 pence each in London on Tuesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Chesterfield R. (CHF)